Thailand-Singapore giant F&N earns $16 mln from Vietnam in Oct-Dec 2024
Fraser and Neave (F&N), a Thai-Singaporean conglomerate in food, beverage, publishing, and printing, earned SGD21 million ($15.5 million) in Vietnam in the last quarter of 2024 (Q1 of fiscal year 2025).
According to F&N’s quarterly report, F&N recorded a profit before interest and tax (PBIT) of SGD91.1 million ($67.4 million) in the period, up 14% year-on-year. Vietnam accounted for 23% of the total, equivalent to SGD21 million.
Vietnam was F&N’s third-largest market, behind Thailand with 46% of the total PBIT and Malaysia with 35%.
F&N attributed the growth in Vietnam to a higher share of profit from Vinamilk, the leading dairy firm in Vietnam.
Vinamilk products at a store. Photo courtesy of Vinamilk.
F&N was originally a Singapore-based food & beverage giant. After a share swap deal in 2024 with Thailand’s giant ThaiBev, it became an entity associated with Thai billionaire Charoen Sirivadhanabhakdi.
F&N held a non-controlling interest of 20.4% in Vinamilk, listed on the Ho Chi Minh Stock Exchange (HoSE) as VNM, as of end-September 2024.
In February, F&N registered to purchase nearly 20.9 million VNM shares, via put-through transactions and order-matching transactions on the market. The transaction, with an estimated value of VND209 billion ($8.18 million), is slated for February 19-March 20.
In January, Vinamilk said F&N’s similar attempt to buy 20.9 million VNM shares ended without any transaction.
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